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Bank of New York Mellon to cut 1,800 jobs

November 21, 2008 18:53 IST
The Bank of New York Mellon Corporation has said it will slash 1,800 jobs, which accounts for nearly four per cent of the firm's global workforce.

"The investment management bank will reduce its worldwide workforce of 43,000 by approximately 1,800 positions or 4 per cent," the financial services entity said in a statement on Thursday.

The Bank of New York Mellon is the latest to join the league of American companies which have announced massive job cuts in the wake of the ongoing financial turmoil.

Among the plans for headcount reductions in recent times, banking behemoth Citigroup's decision to slash over 52,000 jobs is reportedly one of the largest layoffs in history.

"It has become clear that we need to take additional steps beyond our merger synergies to reduce expenses, given the current weakness in the global economy. We will take advantage of natural turnover to lessen the impact on existing staff," The Bank of NY Mellon Corp's chairman and chief executive officer Robert P Kelly said.

The company has $22.4 trillionĀ in assets under custody and administration, about $1.1 trillionĀ in assets under management and services $12 trillion in outstanding debt, the statement added.

The Bank of New York Mellon has operations in 34 countries.

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